AUDUSD Daily Analysis – July 12, 2023

The AUDUSD currency pair has made a significant breakthrough, surpassing the key resistance level at 0.6720. This upward move has ignited optimism among traders and analysts, who anticipate further gains in the near future. With the next target set at the 0.6805 resistance, the Australian dollar is poised to extend its upward trajectory against the US dollar.

Looking ahead, market participants are expecting the currency pair to continue its upward climb. The next target at 0.6805 represents a significant resistance level and could attract further buying interest. If AUDUSD manages to breach this level, it would signal a continuation of the bullish trend and potentially open the door for additional gains.

However, it is important to acknowledge that currency markets are prone to fluctuations and setbacks. Immediate support for AUDUSD is currently situated at 0.6650. A breakdown below this level could trigger a retracement towards the previous low at 0.6594. Such a pullback would not be uncommon, as markets often experience corrections after significant breakouts. Traders should closely monitor these support levels to assess the resilience of the ongoing upward move.

In conclusion, AUDUSD has successfully broken above the 0.6720 resistance level, indicating a shift in market sentiment towards the Australian dollar. The currency pair has the potential to continue its upward climb, targeting the next resistance level at 0.6805. However, traders should remain vigilant and closely monitor immediate support levels, particularly at 0.6650 and the previous low at 0.6594.